Skip to comments.The First President Bush Gets Award from Harvard for Raising Taxes; Like Father, Like Son?
Posted on 05/11/2014 11:59:30 AM PDT by SeekAndFind
The establishment fervently believes that more money should come to Washington so that politicians have greater ability to buy votes.
Thats why statists from both parties are so viscerally hostile to Grover Norquists no-tax-hike pledge. They view it as an obstacle to bigger government.
And it also explains why politicians who raise taxes are showered with praise, especially when they are Republicans who break their promises and betray taxpayers.
Which is why President George H.W. Bush was just awarded a profiles in courage award for raising taxes and breaking his read-my-lips promise by the crowd at Harvards Kennedy School.
Heres some of what was reported by the Dallas News.
Former President George H.W. Bush was honored Sunday with a Kennedy courage award for agreeing to raise taxes to confront a spiraling deficit, jeopardizing his presidency that ended after just one term. The budget deal enacted responsible and desperately needed reforms at the expense of Bushs popularity and his chances for re-election, Schlossberg said. Americas gain was President Bushs loss, and his decision to put country above party and political prospects makes him an example of a modern profile in courage that is all too rare, he said.
Im not surprised, by the way, that Mr. Schlossberg praised Bush for selling out taxpayers.
But I am disappointed that the Dallas News reporter demonstrated either incompetency or bias by saying that Bush raised taxes to confront a spiraling deficit.
If you look at the Congressional Budget Office forecast from early 1990, youll see that deficits were on a downward path.
In other words, Bush had the good fortune of inheriting a reasonably strong fiscal situation from President Reagan.
Spending was growing slower than the private economy, thanks in part to the Gramm-Rudman law that indirectly limited the growth of spending.
So Bush 41 simply had to maintain Reagans policies to achieve success.
But instead he raised taxes. That got him an award from the Kennedy School this year and it resulted in bigger government in the early 1990s.
Writing for National Review, Deroy Murdock is justly irked that President George H.W. Bush was given an award for doing the wrong thing.
former president George Herbert Walker Bush received the Profile in Courage Award from the John F. Kennedy Library Foundation. What intrepid achievement merited this emolument? Believe it or not, breaking his word to the American people and hiking taxes by $137 billion in 1990. Bushs tax hike was a political betrayal for Republicans and other voters who believed him when he pledged to the 1988 GOP National Convention: Read my lips: No new taxes. Bush violated his promise and hiked the top tax rate from 28 percent to 31. Bush also imposed a luxury tax on yachts and other items. This led to a plunge in domestic boat sales and huge job losses among carpenters, painters, and others in the yacht-manufacturing industry.
The worst result, though, was that the tax hike enabled and facilitated more government spending.
Here are the numbers I calculated a couple of years ago. If you look at total spending (other than net interest and bailouts), you see that Bush 41 allowed inflation-adjusted spending to grow more than twice as fast as it did under Reagan.
And if you remove defense spending from the equation, you see that Bush 41's bad record was largely the result of huge and counterproductive increases in domestic spending.
With such a bad performance, you wont be surprised to learn that market-oriented fiscal experts do not remember the Bush years fondly.
Deroy cites some examples, including a quote from yours truly.
Bushs tax hike repealed the real spending restraint of Gramm-Rudman and imposed a big tax hike that facilitated a larger burden of government spending, says Cato Institute scholar Dan Mitchell. No wonder the statists . . . are applauding. Of course the Left wants to celebrate Bushs broken tax promise, Moore says. It is what cost Republicans the White House and elected Bill Clinton says Grover Norquist, president of Americans for Tax Reform. This is an award for stupidly throwing away the presidency to the Democrats Norquist further laments: You never see a Democrat get a courage award for saying No to the spending-interest lobby.
The moral of the story is that Washington tax-hike deals are always a mechanism for bigger government.
And President George H.W. Bush should be remembered for being a President who made Washington happy by making America less prosperous. As I wrote last year, He increased spending, raised tax rates, and imposed costly new regulations.
an establishment Republican President who increased the burden of government. If that sounds familiar, just remember the old saying, Life father, like son.
HE tossed the Reagan Revolution the first day what a fool he was...Reagan should have dumped him the second time....RINOS all
The Bushes get many awards these days, yet none of the Bushes have said a word about the Black Mass to be held at their old school tomorrow. Their silence is the sort of thing that makes you wonder why.
Did this result in the Clinton economy? Or was it Clinton that caused the economy to thrive. I always hear that it was the Bush I Administration to is the result of the Clinton economy. I am most interested in the answer.
No more Klintoons, no more Booshies, and no more Soetoros. 28 years of waste.
I voted for McCain and now regret it. I voted for Romney and now regret it. I voted the first time for W and now regret it. But I’m proud that I never voted for old man Bush.
The dolts at Hahvahd couldn’t care less what higher taxes do to the - ugh - middle class or regular working stiffs.
They only wish to stroke their White Guilt at everybody else’s expense.
RE: But Im proud that I never voted for old man Bush.
Let me guess, you voted for Ross Perot in 1992?